Expanding Our Team – On January 2, we added our first new team member since our firm was founded.

Market Notes – A quick review of our global market drivers does not indicate much change on the horizon. Things broadly look positive. We are not, however, conditioned to blissfully ride the wave. We are wired to be cautious – particularly when it seems like all is well.

Research Focus – Investment bubbles are hard to witness and not want to take part in. However, we have to remain disciplined as investors. We cannot sacrifice our long-held beliefs in the pursuit of a quick buck.